Cipher Mining Inc. (NASDAQ:CIFR) is one of the AI stocks on the market radar. On December 23, Compass Point reiterated a “Buy” rating on the stock with a $28 price target. Company analysts see the Ulysses site as a strategic win for CIFR, aligned with HPC’s growth ambitions.
Cipher Mining announced Tuesday that it has acquired a 200 MW Ulysses site in Ohio, marking its first acquisition outside of Texas.
“Cipher Mining is busier than Santa’s helpers with this morning’s announcement of its 200 MW Ulysses site in Ohio, representing the company’s first acquisition outside of Texas and clear evidence that management is actively sourcing beyond ERCOT.”
According to Tyler Page, CEO of Cipher, Hyperscalers have been driving unprecedented demand for hyperscale sites, and Cipher continues to seize the opportunity to shape the future of high-performance computing infrastructure.
The new site provides CIFR with additional capacity to continue expanding its HPC hosting business. Compass Point noted how this acquisition offers CIFR entry into the PJM market, which is a key region for AI and HPC demand.
The Ulysses site includes 195 acres of land with secured AEP Ohio capacity, and has all necessary utility agreements and interconnection approvals. It is expected to begin operations in the fourth quarter of 2027.
“Strategically, we view capacity located at PJM at a premium given the density of end demand, and the commissioning of Ulysses in 4Q27 provides a more material bridge of deliverable MW ahead of the company’s larger wave of sites expected to come online in 2028. With energization planned for 4Q27 and the RFS largely aligned, the site is positioned as a mid-term HPC-ready asset given its square footage, availability of various fiber routes and proximity to a major metropolitan area, in line with Cipher’s broader push to expand its HPC hosting footprint alongside its core bitcoin mining operations.
The company describes the facility as a “risk-free power generation time inventory purchase,” with reduced friction in the initial stages due to established utility and interconnection agreements. It anticipates near-term value creation will come from accommodation announcements and a clearer construction plan.
“With the addition of Ulysses, Cipher noted that its development pipeline now stands at 3.4 GW across eight sites; financial terms were not disclosed in the announcement. Based on our overall bullish view on bitcoin and the company’s execution in site development and deal signing, we maintain our Buy rating and $28 price target.”
Cipher Mining Inc. (NASDAQ:CIFR) is a technology company that develops and operates industrial-scale data centers for bitcoin mining and HPC hosting.